SCHEDULES
SCHEDULE 16Controlled foreign companies
Part 2Amendment of exempt activities exemption
Abolition of special rules for holding companies other than local holding companies
10
1
Part 2 of Schedule 25 to ICTA (exempt activities) is amended as follows.
2
In paragraph 6 (definition of exempt activities)—
a
in sub-paragraph (1)(c), for “(2), (3), (4) or (4A)” substitute “
(2) or (3)
”
,
b
in sub-paragraph (3)(b), omit “or superior holding companies”,
c
omit sub-paragraphs (4) to (4BB),
d
in sub-paragraph (5)—
i
for “sub-paragraphs (3) to (4B)” substitute “
sub-paragraph (3)
”
, and
ii
omit “or superior holding company”,
e
in sub-paragraph (5ZA), omit “or superior holding company”,
f
in sub-paragraph (5ZB), omit “or superior holding company”,
g
in sub-paragraph (5A), for “sub-paragraphs (3) to (4B)” substitute “
sub-paragraph (3)
”
,
h
omit sub-paragraph (5B),
i
in sub-paragraph (5C), omit “or superior holding company”, and
j
in sub-paragraph (6), for “sub-paragraphs (1) to (4BB) above” substitute “
this paragraph
”
.
3
In paragraph 8(3) (paragraph 6(1)(b) condition), omit “or superior holding company”.
4
In paragraph 12 (definition of “holding company” etc)—
a
in sub-paragraph (1), for “paragraph 12A below and in” substitute “
in
”
,
b
in sub-paragraph (4), omit “or (4), as the case may be,”, and
c
in sub-paragraph (5)—
i
in the words before paragraph (a), for “sub-paragraphs (3) and (4)” substitute “
sub-paragraph (3)
”
, and
ii
in paragraph (a), omit “or superior holding company”.
5
Omit paragraph 12A (definition of “superior holding company” etc).